When you decide to make one of the largest investments of your life, be sure to first consider the resale value when you are deciding to buy the home. I know many people have a hard time considering selling the home they just got excited about buying, but at some point, you will sell it! Here are a few things to consider when you purchase a home so you won't run into any problems once you decide to sell.
1) Neighbourhood - This is the most important factor when deciding to buy a home. Up and coming areas, areas with beautiful natural features (trees, ravines, and lakes) and areas that have a low turnover rate (suggesting that once people get in, they don't want to leave) all make the neighbourhood desireable to potential buyers.
2) Street - Homes that are on main streets or busy streets will reduce the appeal to potential buyers. Look for homes on streets that have minimal traffic e.g. Cul-de-sacs or ‘dead ends'. If you have children, this becomes a safety issue and when you are backing your car out of the driveway, you don't want to be doing it onto a main road.
3) Proximity to Schools - Being close to schools will increase the amount of potential buyers. Sometimes the decision to buy one home over the next is that the kids could walk to school from one home, but have to take the bus from the other.
4) Home Condition - Homes that are updated will often sell quicker than those homes that are not. Improving the look and value of your kitchen and bathroom will fetch you a greater return on your investment. Small improvements will also allow you to keep your sale price closer to your list price. NOTE: whatever you, do not over spend on improvements. You will have a hard time getting that money back. Small inexpensive improvements can add significant perceived value to a home.
5) Home Layout - Homes that have three bedrooms will always be more desirable those which have two bedrooms or those with two bedrooms on the main floor and one in the basement.
6) Don't be the best on the street - The nicest and biggest house on the street is nice to look at, but is often not the easiest to sell. Houses that carry a lower price tag will often be viewed as a better deal and therefore attract more potential buyers.
For more information on buying or selling real estate in Burlington, Hamilton or Oakville, Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit the Sean Kavanagh Real Estate Resource Centre at www.seansells.ca, or at www.seankavanagh.ca or call me at 905-220-9198 and I'd be glad to answer any questions to accommodate all of your real estate needs. You can also contact me at www.realestatechat.ca as I am now a moderator on the Ontario Real Estate chat forum as well as the Burlington, Ontario sub-forum.
I look forward to hearing from you!